|
 |
|
|
|
Year Ended December 31,
|
|
|
(in thousands)
|
|
|
2001
|
|
|
|
2000
|
|
|
1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
53,913
|
|
$
|
32,793
|
|
$
|
28,271
|
|
|
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
6,536
|
|
6,158
|
|
|
5,892
|
|
|
Amortization
|
15,860
|
|
9,226
|
|
|
8,343
|
|
|
Non-cash stock grant compensation
|
1,984
|
|
483
|
|
|
1,263
|
|
|
|
Deferred income taxes
|
199
|
|
(2,721
|
)
|
|
(495
|
)
|
|
Net gains on sales of investments, fixed
assets and customer accounts
|
(870
|
)
|
|
(712
|
)
|
|
(422
|
)
|
|
Adjustment to conform fiscal year-end for
pooled entities
|
385
|
|
|
–
|
|
|
–
|
|
|
Restricted cash increase
|
(18,311
|
)
|
|
(12,051
|
)
|
|
(1,665
|
)
|
|
Premiums, commissions and fees receivable
(increase) decrease
|
(2,611
|
)
|
|
(18,432
|
)
|
|
3,996
|
|
|
Other assets decrease (increase)
|
838
|
|
|
2,343
|
|
|
(905
|
)
|
|
Premiums payable to insurance companies
increase (decrease)
|
6,308
|
|
|
17,689
|
|
|
(3,066
|
)
|
|
Premium deposits and credits due clients
increase (decrease)
|
3,731
|
|
|
576
|
|
|
(608
|
)
|
|
Accounts payable increase
|
2,279
|
|
|
(1,660
|
)
|
|
2,666
|
|
|
Accrued expenses increase
|
4,306
|
|
|
7,316
|
|
|
563
|
|
|
Other liabilities decrease
|
(7,423
|
)
|
|
(570
|
)
|
|
(1,107
|
)
|
|
Minority interest in earnings
|
2,814
|
|
|
1,829
|
|
|
1,464
|
|
|
|
Net cash provided by operating activities
|
|
|
69,938
|
|
|
|
42,267
|
|
|
44,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to fixed assets
|
(11,017
|
)
|
|
(5,553
|
)
|
|
(6,180
|
)
|
|
Payments for businesses acquired, net of
cash acquired
|
(131,039
|
)
|
|
(17,651
|
)
|
|
(16,220
|
)
|
|
Proceeds from sales of fixed assets and
customer accounts
|
1,619
|
|
|
1,755
|
|
|
2,063
|
|
|
Purchases of investments
|
(3,006
|
)
|
|
(781
|
)
|
|
(942
|
)
|
|
Proceeds from sales of investments
|
5,605
|
|
|
1,026
|
|
|
1,502
|
|
|
|
Net cash used in investing activities
|
|
|
(137,838
|
)
|
|
|
(21,204
|
)
|
|
(19,777
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term debt
|
90,062
|
|
|
493
|
|
|
738
|
|
|
Payments on long-term debt
|
(33,297
|
)
|
|
(4,494
|
)
|
|
(17,945
|
)
|
|
Issuances of common stock for employee stock
benefit plans
|
2,844
|
|
|
1,746
|
|
|
1,670
|
|
|
Purchases of common stock for employee stock
benefit plans
|
–
|
|
|
(5,536
|
)
|
|
(1,155
|
)
|
|
Net distributions from pooled entities
|
(849
|
)
|
|
(1,870
|
)
|
|
(5,781
|
)
|
|
Cash dividends paid
|
(9,718
|
)
|
|
(7,525
|
)
|
|
(6,237
|
)
|
|
Cash distribution to minority interest shareholders
|
(2,121
|
)
|
|
(1,597
|
)
|
|
(1,318
|
)
|
|
|
Net cash provided by (used in) financing activities
|
|
|
46,921
|
|
|
|
(18,783
|
)
|
|
(30,028
|
)
|
|
|
Net (decrease) increase in cash and cash
equivalents
|
|
|
(20,979
|
)
|
|
|
2,280
|
|
|
(5,615
|
)
|
|
Cash and cash equivalents at beginning of year
|
37,027
|
|
|
34,747
|
|
|
40,362
|
|
|
|
Cash and cash equivalents at end of year
|
|
$
|
16,048
|
|
|
$
|
37,027
|
|
$
|
34,747
|
|
 |
|
See accompanying notes to our consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
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